2026-04-16 Четверг

Новостной центр - Страница 244

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The Limits of Finance, The Channel Value of Global Markets

This article explores the evolving relationship between traditional finance and decentralized finance (DeFi), focusing on the growing institutional interest in on-chain vaults and real-world assets (RWA). While major asset managers like BlackRock and Apollo are investing heavily in DeFi tokens, the sector faces challenges, including liquidity crises and structural limitations. A central theme is the absence of a native DeFi risk-free interest rate. Despite multiple attempts—from algorithmic stablecoins to liquidity staking tokens—DeFi has largely adopted USDT and USDC for their scale, effectively making U.S. Treasury bonds the de facto benchmark. However, this dependency creates vulnerability, as DeFi cannot interact bidirectionally with traditional finance. The article argues that the next phase of DeFi will revolve around vaults—on-chain repositories that aggregate assets and yield. These vaults, managed by "curators," aim to offer fixed-rate products and credit systems but currently lack mechanisms for asset price inflation and clear risk management. The piece concludes that while vaults and curators are gaining traction, the true innovation lies in creating efficient "channels" or broker-like systems that enhance global capital flow. These could eventually replace centralized exchanges as the primary liquidity hubs, enabling a more integrated and efficient financial system without relying on traditional tokenomics.

marsbit03/10 13:23

The Limits of Finance, The Channel Value of Global Markets

marsbit03/10 13:23

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